PHILADELPHIA — Hunt Real Estate Capital has secured a $5.85 million loan to refinance Terrace Lofts, a four-story, 32-unit multifamily building in the Manayunk neighborhood of Philadelphia. The property includes both one- and two-bedroom floor plans. Hunt Real Estate Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a local real estate investor. The lender was not disclosed.
SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.
WHITMAN, MASS. — Cornerstone Realty Capital has arranged $5.8 million in acquisition financing for a three-story, 45-unit apartment building in Whitman. The property features a unit mix of 15 one-bedroom and 30 two-bedroom units. All units include stainless steel appliances, granite countertops, in-unit laundry and hardwood floors. Patrick Brady of Cornerstone secured financing for the borrower, a private family office, in the transaction. The lender was a local bank. Whitman is located approximately 24 miles south of Boston.
FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.
Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …
NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.
NEW YORK CITY — NYC Health + Hospitals has signed a 25-year, $758 million lease agreement with GFP Real Estate for 525,000 square feet of office space at 50 Water Street in Manhattan. With the lease transaction, NYC Health + Hospitals becomes the first major tenant that will occupy the GFP office complex at the building formerly known as 7 Hanover Square. The agreement enables the public health system to consolidate multiple administrative office sites into one Lower Manhattan campus. Newmark Knight Frank brokered the transaction on behalf of NYC Health + Hospitals.
SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.
ROBBINSVILLE, N.J. — LBA Logistics has acquired a single-tenant warehouse and manufacturing facility in Robbinsville for $13.5 million. Located at 8 Applegate Drive, the 30-acre property was built in 2001 and includes six loading docks and a drive-in door. The facility is currently fully occupied by adhesive manufacturing company Nordson. John Plower of JLL Capital Markets represented the seller, HB4 LLC, in the transaction.
WORCESTER, MASS. — Marcus & Millichap has arranged the sale of a nine-unit apartment building in Worcester. The property sold for $710,000. Located at 148-152 Millbury St., the three-story property was built in 1920. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 11,505-square-foot building also includes ground-floor retail that is currently occupied by Three G’s Sportsbar.